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T I M E S
A TIME COMMUNICATIONS PUBLICATION
VOL XXVII No.4 Monday, 27 Nov – 3 Dec 2017 Pgs.21 Rs.18
Nifty eyes historic high Money Times to cost Rs.20 per copy w.e.f.
By Sanjay R. Bhatia 1st January 2018
To partially set off the rising cost of operations,
The market continued its upward journey testing the 10400
MONEY TIMES Weekly will be priced at Rs.20 per
mark amidst a choppy and sluggish trend. Gap-up openings
copy w.e.f. 1st January 2018.
were regular last week, which helped the markets move higher.
Consequently, the new subscription rates will be
However, profit-booking and selling pressure was visible at the 1 year: Rs.1000; 2 years: Rs.1900; 3 years: Rs.2700
higher levels.
The FIIs turned sellers once again in the cash and derivatives segments. However, the DIIs remained net buyers during
the week and were seen supporting the markets regularly. The breadth of the market remained positive amidst low
volumes.
The earnings season continued to be in line with expectations without any negative surprises. Crude oil prices inched
higher after a major crude pipeline from Canada to USA shut down and tightened supplies in the North American
markets. Global markets, too, remained positive. On the domestic front, after the Moody’s upgrade, the markets are
keenly watching S&P’s move. An upgrade could lead to more
momentum on the bourses. Believe it or not!
Technically, the prevailing positive technical conditions  Puravankara recommended at Rs.109.55 in
helped the markets move higher. The Stochastic, KST and RSI TT last week, hit a high of Rs.152.40 fetching
are all placed above their respective averages on the daily 39% returns in just 1 week!
chart. Further, the MACD and RSI are placed above their  Royal Orchid Hotels recommended at
respective averages on the weekly charts Moreover, the Nifty Rs.156.15 in VP last week, hit a high of
is placed above its 50-day SMA, 100-day SMA and 200-day Rs.182.75 fetching 17% returns in just 1
SMA. The Nifty’s 50-day SMA is placed above its 100-day and week!
200-day SMA, Nifty’s 100-day SMA is placed above its 200-day  Nectar Lifesciences recommended at
SMA indicating a ‘golden cross’ breakout. These positive Rs.29.55 in TT last week, zoomed to Rs.34.40
technical conditions could lead to regular buying support. fetching 16% returns in just 1 week!
The prevailing negative technical conditions, however, still  Ceejay Finance recommended at Rs.155.55
hold good and are likely to weigh on the market sentiment at in SS last week, hit a high of Rs.180 fetching
the higher levels. The MACD is placed below its average on the 16% returns in just 1 week!
weekly chart. Further, the Stochastic and KST are placed  Soril Infra Resources recommended at
below their respective averages on the weekly charts. Rs.198 in TT on 13 November 2017, hit a high
Moreover, the Stochastic is placed in the overbought territory of Rs.397.80 fetching 101% returns in just 2
on the daily chart. These negative technical conditions could weeks!
lead to intermediate bouts of profit-booking and selling
pressure especially at higher levels. (SS – Stock Scan; TT – Tower Talk; VP – Value Pick)
The +DI line is placed above the –DI line and is already placed This happens only in Money Times!
above the ADX line. It is also placed above the 27 level, which Now in its 27th Year
A Time Communications Publication 1

indicates that buyers are gaining strength. However, the ADX line continues to languish below 17, which indicates that
the current trend lacks strength and the markets are likely to turn choppy. The market sentiment remains positive.
Moody’s upgrade last week has changed the market
sentiment and S&P’s view is awaited. In case S&P upgrades
India’s rating, then the markets are likely to gain the much
needed momentum and the Nifty could test the previous
historic levels. However, intermediate bouts of profit-booking
and selling pressure are likely at the higher levels due to the
prevailing overbought conditions.
10400 remains a key resistance level for the Nifty. If the Nifty
succeeds in closing and sustaining above it, then a further up-
move is likely and it could test its previous historic high. On
the downside, if it slips below the 10270 level, then it is likely
to test the 10120 support level.
In the meanwhile, the markets will take cues from the
earnings season, global markets, Dollar-Rupee exchange rate and crude oil prices.
Technically, the Sensex faces resistance at the 33750, 34000 and 34500 levels and seeks support at the 33300, 33000,
32325, 32000, 31610, 30921, 30680 and 29365 levels. The resistance levels for the Nifty are placed at 10400, 10462,
10500 and 10575 while its support levels are placed at 10325, 10270, 10200, 10132, 10120, 10100, 10000 and 9955.
BAZAR.COM
Green shoots visible Now follow us on Instagram, Facebook &

The mood at the trading desk may be indifferent, more due to Twitter at moneytimes_1991 on a daily basis
the GST compliance methodology rather than the tax itself. It is to get a view of the stock market and the
the compliance part which is scary for a majority of the small happenings which many may not be aware of.
and medium enterprises (SMEs) and not the business itself. In fact, there is a hint of recovery all around as depicted by
India Inc’s bottom-line for Q2. The net profit of a sample of 1,455 companies (excluding banking and financial
institutions) rose 2.5% YoY after sliding 14.6% in the June 2017 quarter. Operating profit grew 10% YoY compared to
7.8% in the previous quarter. Net sales remain unchanged at 8.6%. Operating margin slipped 10 bps to 16.4%.
Performance of the following sectors improved - alcoholic beverages, automobiles, consumer durables and non-
durables, hospitality, jewellery, media and entertainment and retail capturing the consumption momentum. Net profit of
a sample of 219 firms from these sectors surged 32.6%, the fastest in the last six quarters. The sample’s contribution of
22.4% to the larger sample’s profit was at a 11-quarter high.
After inclusion of banking and finance firms, the sample size of 1,844 companies reported a growth of 7.9% in net sales.
Net profit, however, fell by 0.5% following higher provision by some of the banks. In short, green shoots in corporate
India are visible because of this being a quarter of recovery. Consumption as a theme makes a strong comeback and last
but not the least, consumer led sectors have a bigger share.
The market remains under the influence of politics and economic activity is put on the back burner. Hesitancy is visible
in the intra-day swings. RaGa’s honeymoon with Hardik Patel is seen as an influencing development. Gujarat elections
are viewed as mini general elections till the eve of 14 December 2017 opinion polls will hold sway.
Politically, the market takes a very narrow view that any upset in the political arena could jeopardize this rally or
reverse it. What the market ignores is the bigger picture that whoever wins the election has to take the nation into
confidence and stay on the growth path. Any deviation from it is punishable and this is the bottom-line of the political
message.
The government is determined to iron out the hardships of GST and its implications. It has been proactive to rationalize
rates and make it a win–win situation both for consumers and manufacturers. Companies with sectors which stand to
gain from the revision of the GST rates are as follows:
28% to 18%
Segment/Product Company
Toiletries HUL, ITC, Colgate
Detergents HUL, Jyothi Labs

Hair Cream, Dyes Godrej Consumer Products
Instant Coffee Nestle, HUL
Chocolates, Malt Extract GSK Consumer Healthcare, ITC,
Food Preparation, Flour, etc. HUL
Shaving Kits & Blades Gillette, HUL
Watches Goggles Titan
Luggage VIP, Safari
Footwear Bata, Relaxo
Fans, Pumps, Lamps Crompton, Havells,
Orient Electrical, Bajaj Electrical
Switches Havells
Cables Havells, Finolex Cables, V-Guards
Cell & Batteries Eveready
Capital Goods L&T, BEML
Home Wares Kajaria, Somani, Asian Granite,
Century Ply, Green Ply, Cera
Rubber Tubes MRF, Ceat, Apollo, JK Tyre
18% to 12%
Condensed Milk Nestle, Parag Milk
Refined Sugar & Cubes EID Parry, Balrampur Chini, Shree
Renuka Sugars
Pasta & Diabetic Food Nestle, ITC
Spectacles Frame Titan
28% to 5%
Aircraft Engine, Aircraft Tyre & Interglobe Aviation, Jet Airways,
Seats Spicejet
TRADING ON TECHNICALS
Breakout above 33900 essential

By Hitendra Vasudeo
Sensex Daily Trend DRV Weekly Trend WRV Monthly Trend MRV
Last Close 33679 Up 33198 Up 31957 Up 28877
Last week, the Sensex opened at 33365.84, attained a low at 33288.21 and moved to a high of 33738.53 before it closed
the week at 33679.23 and thereby showed a net rise of 336 points on a week-to-week basis.
Daily Chart
On the daily line chart, the chart created by joining closings
shows an uptrend. But on the candlestick chart, we see an
indecisive movement on account of volatility. A clear intra-
day bull market has not been witnessed as all of last week
bore a doji family candle pattern.
The Doji family candle is an indecisive movement accounting
to resistance and supply at a higher range especially when a
peak is already registered earlier at 33865.
The Sensex was trading in the supply zone last week from
33531 to 33865. A decisive breakout and close is required
now to move towards the expected 36000 by December 2017.
Supply will be a regular feature and the Sensex needs a strong
control on the daily chart to race higher. Failure to sustain at

the higher level could lead to a correction or sideways volatility above 32683.
As long as 32683 is not violated with a bearish candle, a correction to the lower level of 33278-33164 or to the DRV of
33198 could be for consolidation to eventually provide a breakout for the next rally.
Weekly Chart:
After a long legged doji two weeks back, last week was a positive candle suggesting that a breakout could be happening.
A weekly candle invokes confidence whereas the daily chart shows hesistancy for future momentum.
A breakout and weekly close above 33865 with a bullish candle can set a rally to 34500 and 35700. The Sensex needs a
trigger for the next sharp and swift rise.
A positive news trigger can help the market for a breakout and less positive or neutral news flow may halt the progress
or continue sideways volatility.
Trend based on Rate of Change (RoC)
Daily chart: Profitrak Weekly
1-Day trend - Up
A complete guide for Trading and Investments based on Technicals
3-Day trend - Up Check the sample file Before Subscribing Features a State of Art
8-Day trend - Up Technical Product P/E Based Level - Working as Support and
Resistance
Weekly chart:
What you Get?
1-Week trend - Up
3-Week trend - Up 1) Weekly Market Outlook of -
8-Week trend - Up  Sensex
 Nifty
Monthly chart:  Bank Nifty Features
1-Month trend - Up 2) Sectoral Review
3-Month trend - Up  Outperforming, Market Performing and Under
Performing
8-Month trend - Up  Stand Alone Weekly Signal for Up Trend and Down Trend
Quarterly chart:  Stock Wise New Addition and Follow Up Chart Comments
1-Quarter trend - Up  Selection Process Based on Multi Time Frame Trend and
RS
3-Quarter trend - Up
3) Multi Time Frame Yearly Chart
8-Quarter trend - Up  Stock Filtration
Yearly chart:  One Annual In Jan-Dec
 From March running Yearly Filtration- March to March
1-Year trend - Up
4) Sectoral View of Strong/Weak/Market Perfomer indices
3-Year trend - Up 5) Weekly Trading Signals
8-Year trend - Up 6) Stock Views and Updates every week
BSE Mid-Cap Index 7) Winners for trading and investing for medium-to-long-term
till March 2018
Weekly chart: 8) Winners of 2017 with fresh Weekly Signals on the same
1-Week trend - Up
On Subscription
3-Week trend - Up Training and usage application of the Product
8-Week trend - Up Application of this product can be explained on the Telephone or via
Skype or Team Viewer.
The BSE Mid-Cap index was the flavor of the
week with a breakout with bullish candle. A For 1 full year with interaction,
follow-up rise and close above 17000 can set a Rush and Subscribe to Profitrak Weekly Comprehensive Product
rally to 18000. From 2018 Product Price will be Rs.24000/- for 1-Year
If subscribed before 31st December 2017.
Outperformance will continue in the Mid-Cap Get 1 +1 = 2year = Rs.26000/-
index. Overall, it must remain above 16278. For more details, contact Money Times on
BSE Small-Cap Index 022-22616970/4805 or moneytimes.support@gmail.com.
1-Week trend - Down
3-Week trend - Up
8-Week trend - Up

A breakout was witnessed on the Small-Cap index but it will require a follow-up rise above 18100. Expect 18500 and
19400.
Strategy for the week
A hesitant rise continued last week and is yet to provide the next breakout. A breakout and close above 33900 can set
the rally to 34500 and 35700. Hold long and accumulate on a correction to 33568-33398 with a stop loss of 32600.
WEEKLY UP TREND STOCKS

Let the price move below Center Point or Level 2 and when it move back above Center Point or Level 2 then buy with whatever low
registered below Center Point or Level 2 as the stop loss. After buying if the price moves to Level 3 or above then look to book profits as
the opportunity arises. If the close is below Weekly Reversal Value then the trend will change from Up Trend to Down Trend. Check on
Friday after 3.pm to confirm weekly reversal of the Up Trend.
Note: SA-Strong Above, DP-Demand Point, SP- Supply Point, SA- Strong Above
Weekly Up
Scrip Last Level Level Center Level Level Relative
Reversal Trend
Close 1 2 Point 3 4 Strength
Value Date
Weak Demand Demand Supply Supply
below point point point point
TITAN COMPANY 828 778 794 812 846 898 73.3 763.8 03-11-17
BALAJI AMINES 635 594 596.7 632.3 670.7 744.7 73 583.3 06-10-17
NOCIL 181.90 175.5 176 181.4 187.4 198.8 72.7 179.1 24-11-17
EVEREADY INDUSTRIES INDIA 420.20 400 405.1 415.1 430.1 455.1 71.8 379.4 03-11-17
VAKRANGEE 712 655 672 695 735 798 71.3 621.8 13-10-17
*Note: Up and Down Trend are based of set of moving averages as reference point to define a trend. Close below
averages is defined as down trend. Close above averages is defined as up trend. Volatility (Up/Down) within Down
Trend can happen/ Volatility (Up/Down) within Up Trend can happen. Relative Strength (RS) is statistical
indicator. Weekly Reversal is the value of the average.
WEEKLY DOWN TREND STOCKS

Let the price move above Center Point or Level 3 and when it move back below Center Point or Level 3 then sell with whatever high
registered above Center Point or Level 3 as the stop loss. After selling if the prices moves to Level 2 or below then look to cover short
positions as the opportunity arises. If the close is above Weekly Reversal Value then the trend will change from Down Trend to Up Trend.
Check on Friday after 3.pm to confirm weekly reversal of the Down Trend.
Weekly Down
Scrip Last Level Level Center Level Level Relative
Reversal Trend
Close 1 2 Point 3 4 Strength
Value Date
Demand Demand Supply Supply Strong
point point point point above
MULTI COMMODITY
EXCHANGE OF INDIA 947.95 893.2 933.8 960.1 974.3 986.5 37.99 968.40 27-10-17
DR.REDDY'S LABORATORIES 2299 1973.7 2208.7 2353.3 2443.7 2498 41.28 2347 10-11-17
GODFREY PHILLIPS INDIA 1013 965.7 1000.7 1023.3 1035.7 1046 46.42 1031.25 24-11-17
BANK OF MAHARASHTRA 26.75 25.5 26.4 26.8 27.2 27.3 47.05 27.63 17-11-17
- - - - - - - - - -
*Note: Up and Down Trend are based of set of moving averages as reference point to define a trend. Close below
averages is defined as down trend. Close above averages is defined as up trend. Volatility (Up/Down) within Down
Trend can happen/ Volatility (Up/Down) within Up Trend can happen.
EXIT LIST
Scrip Last Close Supply Point Supply Point Supply Point Strong Above Demand Point Monthly RS
HIMATSINGKA SEIDE 328.75 341.50 348.45 355.40 377.90 282.6 37.2

JAYANT AGRO-ORGANICS 384.30 397.96 405.83 413.69 439.15 331.3 37.61
FINOLEX INDUSTRIES 622 659.81 675.50 691.19 742 526.8 40.26
TRIDENT 86.75 90.92 93.68 96.43 105.35 67.6 42.68

BUY LIST
Scrip Last Close Demand point Demand point Demand Point Weak below Supply Point Monthly RS
HSIL 529.15 505.67 487.55 469.43 410.75 659.3 71.62

JUBILANT FOODWORKS 1807.65 1729.09 1702.65 1676.21 1590.60 1953.2 69.37
NUCLEUS SOFTWARE EXPORTS 449.35 419.83 404.95 390.07 341.90 545.9 64.30
PUNTER PICKS
Note: Positional trade and exit at stop loss or target whichever is earlier. Not an intra-day trade. A delivery based trade for a possible time frame
of 1-7 trading days. Exit at first target or above.
Note: SA-Strong Above, DP-Demand Point, SP- Supply Point, SA- Strong Above, RS- Strength
Weak RS-
Scrip BSE Code Last Close Demand Point Trigger Supply point Supply point
below Strength
DHUNSERI INVESTMENTS 533336 366.30 360 391.70 336.05 426.1 481.7 74.01
GANESH ECOSPHERE 514167 407.55 382 425 370 459 514 62.23
BHARAT RASAYAN 590021 3387 3200 3510 3075 3778.8 4213.8 57.15
INDO-NATIONAL 504058 900 847 915 830 967.5 1052.5 56.02
GPT INFRA PROJECTS 533761 198.70 185.50 202 180.25 215.4 237.2 53.23
TOWER TALK
 Tyre companies are on a roll. Rising volumes aided by anti-dumping duties could give a big lift to JK Tyre &
Industries. Buy for quick gains.
 Loss-making Tilaknagar Industries is reportedly on a comeback trail. Investors willing to take a small risk may
enter.
 Power Mech Projects has obtained various work orders aggregating Rs.381 crore. The stock is under-priced at the
current level.
 Quess Corp has approved acquisition of 51% stake in Tata Business Support Services for Rs.153 crore. Its share
price is likely to go up.
 Electronics and consumer durables major, Mirc Electronics has produced turnaround results for Q2FY18. This
value buy must not be ignored.
 Gitanjali Gems posted a higher EPS of Rs.11 in H1FY18. Value unlocking from the listing of its subsidiary Nakshatra
will be a feather on its cap. A good buy.
 Diamond Power Infrastructure (a BIFR case) is on the cusp of a turnaround. Its current beaten down share price
offers a good bottom fishing opportunity.
 Footwear stocks seem to be a punters’ delight. It would be prudent to buy Mirza International and Khadim India.
 Moody’s rating upgrade on Vedanta indicates a stable outlook. Further, FY18 will be the year for minerals and
metals. Accumulate.
 Mahindra & Mahindra is venturing into the auto rickshaw market. All other divisions are also doing well. The
proposed bonus issue may buoy its share price further.
 With logistics qualifying for infrastructure status, Allcargo Logistics and VRL Logistics become compelling buys.
 Marico is entering the soup segment and plans to enter health snacks too, wherein it will compete with Hindustan
Unilever and Nestle. A good buy at the current rate.
 Ahluwalia Contracts (India) is being tipped for a 40% price rise on the back of robust execution capabilities and
especially after securing big ticket contracts in the National Capital Region from NBCC.
 Satin Creditcare Network has secured a housing finance licence, which is a big positive. The stock could double in
less than two years.
 The government plans to phase out diesel rail engines and replace them with electric engines. BHEL will be a big
beneficiary.
 Oil & Natural Gas Corporation (ONGC) has acquired 15% stake in Namibia through its overseas subsidiary. This
oil major deserves better discounting.
 Edelweiss Financial Services raised Rs.1500 crore through its QIP to grow retail credit and distressed credit. A
positive for the company.

 Analysts are constantly upgrading Britannia Industries. A good time to buy Bombay Burmah Trading Corporation
(BBTC), which holds ~52% stake.
 Fortis Healthcare may soon buy out the entire portfolio of Singapore listed RHT Health Trust for ~Rs.4650 crore. A
big positive for the company.
 LIC has hiked its stake from 5.1% to 7.23% in Indiabulls Housing Finance vide open market purchase.
 Honeywell Automation (India) continues to report excellent working. With an EPS of Rs.146 in H1FY18 v/s
Rs.94.5 last year, the stock can only rise. Accumulate in small lots.
 With the government subsidizing sugar companies for the production of ethanol, K.M. Sugar Mills, which processes
huge quantities of it as a by-product, will be the biggest beneficiary. Buy for a quick 50% appreciation.
 All Tata group stocks are on fire. Rallis India could be a safe bet in this roaring bull market given its strong
fundamentals and cheap valuations it is trading at.
 Nitin Gadkari seems to give personal attention to Cochin Shipyard. The stock has seen good accumulation in the
past three months and is now ready to take-off.
 Jai Corp has vast land parcels in the Navi Mumbai Airport
region. With the Maharashtra government de-notifying SEZs
and utilising the land for building residential townships, the Relative Strength (RS)
stock could turn out to be a multibagger. Buy on every dip. signals a stock’s ability to perform in a
 RBL Bank has corrected nearly 20% from its 52-week high dynamic market.
and now looks good for an uptrend. Knowledge of it can lead you to profits.
 Jewellery maker and exporter, Renaissance Jewellery has 6
state-of-the-art manufacturing sites. The stock trades at an POWER OF RS - Rs.3100 for 1 year:
attractive valuation of 6x FY18E earnings v/s the industry
average of 40x. Buy for 50% returns in the short-term. What you get -
 An Ahmedabad-based analyst recommends IOL Chemicals & Most Important- Association for 1 year
Pharmaceuticals and Mahindra Logistics. From his past
at just Rs.3100!
recommendations, Som Distilleries & Breweries
appreciated 8% from Rs.171.30 to Rs.186 last week; 1-2 buy / sell per day on a daily basis
Rishiroop appreciated 100% from Rs.68.85 in August 2017 1 buy per week
to Rs.138 last week; Grauer Weil (India) appreciated 84% 1 buy per month
from Rs.39.90 in June 2017 to Rs.73.65 last week; Jindal Saw
1 buy per quarter
appreciated 59% from Rs.83.95 in July 2017 to Rs.133.60 last
week; Kriti Nutrients appreciated 58% from Rs.21.50 in 1 buy per year
October 2017 to Rs.34 last week; Sankhya Infotech For more details, contact Money Times on
appreciated 48% from Rs.49.80 in July 2017 to Rs.73.60 last 022-22616970/4805 or
week; Nucleus Software Exports appreciated 45% from moneytimes.support@gmail.com.
Rs.323.45 in October 2017 to Rs.468 last week.
BEST BET
Pearl Global Industries Ltd

(BSE Code: 532808) (CMP: Rs.159.15) (FV: Rs.10)
By Bikshapathi Thota
Delhi-based Pearl Global Industries Ltd (PGIL), formerly House of Pearl Fashions Ltd, is one of the largest listed garment
exporters, which manufactures via multiple sourcing countries within South Asia. It is a preferred long-term vendor of
high quality garments to most leading global brands. It operates as a multinational apparel company engaged in the
manufacture, marketing, distribution and sourcing of knitted garments and readymade garments for men, women and
children while also offering global supply chain solutions
for fashion industries. It operates in USA, UK, Hong Kong, Free 2-day trial of Live Market Intra-day Calls
Indonesia, India, Bangladesh and South Africa. Its factories A running commentary of intra-day trading
are located across India, Bangladesh and Indonesia. It recommendations with buy/sell levels, targets, stop loss
manufactures garments for leading brands like GAP, And, on your mobile every trading day of the moth along with
Tailor, Macy’s, Old Navy, Primark, etc. Most of its garments pre-market notes via email for Rs.4000 per month.
are exported to America, which offers scale to expand Contact Money Times on 022-22616970 or
operations and grow comfortably. It has an in-house moneytimes.support@gmail.com to register for a free trial.

design team of 75 designers located in Hong Kong, India and Indonesia.
PGIL has minimal amount of debt and a good working capital cycle, which indicates its operational efficiency. It is
undergoing capacity expansion in South India at an investment of ~Rs.20-27 crore funded through internal accruals and
a TUFS (Technology Upgradation Fund Scheme) loan. The new facilities will enhance its cumulative production capacity
to 5.5 million pieces a month through an addition of 1,300 machines to reach 9,800 machines across India, Bangladesh
and Indonesia. It plans to install 500 new machines in Bangalore, adding 1,80,000 garment pieces a month. At Chennai, it
installed an additional capacity of 800 new machines, which were commissioned in December 2015. In Bangalore, it has
a 60,000 sq.ft. facility on long-term lease while in Chennai, it acquired a 4.72 acre contiguous land parcel on which it
built a facility to manufacture an additional 2,00,000 pieces a month.
With South India fast emerging as the new garment manufacturing hub of India, the proposed capex is expected to help
PGIL reduce its geographic concentration risk by diversifying operations across North and South India. The Southern
market is known for certain fabrics and skilled labor, higher output, lower wage cost, low attrition levels, low rejection
and special expertise in woven, which provides good operational flexibility.
Industry Outlook: India’s $108 bn textile and apparel industry is forecast to grow at 9.5% CAGR to $221 bn by 2021.
India is the second largest producer of textiles and apparels after China. The textile and apparel industry, which
contributes ~5% to India’s GDP, 14% to the overall Index of Industrial Production (IIP) and ~11% to export earnings, is
the second largest employer after agriculture that provides direct employment to over 45 mn people. Textile exports
have grown ~11% in the last decade and account for 5% of the country’s total
global trade. Financials: (Rs. in crore)
Technology: PGIL migrated to the SUSE Linux Enterprise Server for SAP Particulars FY16 FY17 FY18E
applications to optimize its business agility. It also ventured into e-retail
through established digital channels and its own e-com portal SbuyS.in, giving Sales 1418 1552 1682
consumers access to global fashion at attractive values. Its revenue structure Expenditure 1370 1509 1626
is primarily export-based, with the major contribution coming from exports to PBT 48 42 56
USA. It provides total supply chain solutions to customer-value retailers and Net Profit 36 33 43
high-end fashion brands in USA and Europe.
EPS (Rs.) 17 15.5 20.2
Conclusion: PGIL hit the capital market in 2007 priced at Rs.550/share. It has
underperformed for a decade but now things have changed. PGIL is a major exporter of garments from India. Its
expansion plans coupled with the revival in USA and European markets will reflect on its bottom-line positively in the
days to come.
Currently, the stock trades at 8x its FY18E earnings and less than 1x its P/BV. Strong interest from the promoters and
Funds make it an attractive buy. We recommend this stock for a price target of Rs.306 (15x FY18E earnings) within a
year.
STOCK WATCH
By Amit Kumar Gupta
Ceat Ltd
(BSE Code: 500878) (CMP: Rs.1821) (FV: Rs.10) (TGT: Rs.2100+)
Ceat Ltd is engaged in the manufacture and sale of automotive tyres, tubes and flaps. It manufactures radials for a range
of vehicles. It offers products for light commercial vehicles (LCVs), motorcycles, scooters, cars, farm vehicles and trailers,
off the road (OTR)/speciality vehicles and trucks, etc. It has the capacity to manufacture ~95,000 tyres per day. Its Bike
tyres include CEAT Zoom, CEAT Zoom Tubeless, F67, F85, Milaze, Secura Sport and Secura Zoom. Its Scooter tyre range
includes Gripp and Zoom D. Its Car tyre range includes BT, Czar AT, Czar HT, Rhino and Rhino TQ. It offers Buland and
Buland Mile XL RIB for LCVs. It offers Anmol SL and Buland Mile XL for autos. Its tyre range for farm and agriculture
vehicles includes Aayushmaan Front, Aayushmaan Rear, Samraat Front and Samraat Super Front. It has developed OTR
or speciality tyres for mining, quarrying, rock excavation, construction and port applications.
Ceat’s Q2FY18 revenue declined 4.6% YoY to Rs.15230 mn (estimated Rs.17515 mn). EBITDA declined to Rs.1747 mn
(estimated Rs.1839 mn) while margin was flat at 11.5% (estimated 10.5%), as overall revenue in the quarter was netted
off against excise. Exceptional item of Rs.80 mn was on account of VRS (Voluntary Retirement Scheme) to employees.
Consequently, PAT fell 26.8% YoY to Rs.779 mn (estimated Rs.921 mn).

Raw material prices declined 520 bps QoQ on a comparable basis (post excise net-off) in Q2FY18, after rising 260 bps
QoQ in Q1FY18. Exports also suffered in H1 on account of an appreciating Rupee, foreign currency unavailability in
Egypt and political unrest in countries like Kenya and Indonesia. However, with raw material prices and currency
gaining stability and restocking picking up pace from September 2017, Ceat is set to recover the lost growth of H1 in
H2FY18. Moreover, it undertook strict control over discretionary expenses, reducing other expenses by 300 bps QoQ in
Q2FY18.
Ceat holds ~30% and ~10% market share in 2-wheeler and passenger car replacement markets respectively. With a
capex of Rs.28 bn until FY20 to ramp-up facilities at Halol, Nagpur and Ambernath (40 tonnes/day) and improved
engagement with OEMs, Ceat is set to bolster its market share.
Ceat is expected to see a strong recovery post a muted H1FY18 as the macro factors align well. We expect revenue/PAT
CAGR of 6%/12% over FY17-19E. We value the company at a P/E of 18x FY19E EPS.
Technical Outlook: The Ceat stock looks very good on the daily chart for medium-term investment. It has formed a
rounding bottom pattern on the daily chart and a breakout with good volumes at Rs.1950 can move the stock to a higher
level. The stock trades above all important 200 DMA levels on the daily chart.
Start accumulating at this level of Rs.1821 and on dips to Rs.1751 for medium-to-long-term investment and a possible
price target of Rs.2100+ in the next 12 months.
*******
Simplex Infrastructures Ltd

(BSE Code: 523838) (CMP: Rs.542.45) (FV: Rs.2) (TGT: Rs.600+)
Simplex Infrastructures Ltd (SIL) is engaged in the business of contract constructing infrastructural facilities. Its
segments include Construction and ‘Others’. The ‘Others’ segment includes oil drilling services, real estate and hire of
plant and equipment. It is engaged in building rail infrastructure including rail tracks, station buildings, bridges and
culverts; marine structures including ports and bridges; design and construction of high-rise infrastructure including
multistoried residential towers, institutional or information technology buildings, hotels, hospitals and mass housing
projects; construction of power infrastructure such as thermal, hydel and nuclear as well as ultra-mega power projects
(UMPP) and renovation and modernization of airports. It offers projects for cement, aluminum, copper, engineering,
automobiles, petrochemicals, fertilizers, paper textiles, pharmaceuticals, chemicals and other industrial plants.
SIL’s Q2FY18 turnover was lower than market estimates as monsoons as well as GST related issues impacted the billing
during Q2FY18. However, the payment cycle is gradually improving. It received debtors of Rs.1.4 bn during the quarter
and expects debtor collection of Rs.4-5 bn next year and another Rs.6-8 bn by FY19.
Order inflows of Rs.33.3 bn during H1FY18 was
diversified largely across segments such as power For the busy investor
transmission, piling, buildings and housing, bridges, Fresh One Up Trend Daily
industrial and urban infra. Going ahead, it expects the
Fresh One Up Trend Daily is for investors/traders who are
order inflow to come largely from power, industrial,
keen to focus and gain from a single stock every
marine, urban infra, building and housing, urban
segment followed by railways, roads and piling based on trading day.
the current bid pipeline. It expects order inflow of Rs.70- With just one daily recommendation selected from
75 bn during FY18 and expects the execution to ramp up stocks in an uptrend, you can now book profit the same
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book of Rs.173 bn is diversified across buildings and review over the next 4 days will provide new exit levels
housing (27%), bridges (6%), industrial (5%), marine while the stock is still in an uptrend.
(5%), piling (3%), power (22%), railways (3%), roads
This low risk, high return product is available for online
(9%) and urban infrastructure (21%). Domestic orders
form nearly 95% of its order book while the remaining subscription at Rs.2500 per month.
is from overseas. The proportion of private Contact us on 022-22616970 or email us at
sector/government projects in the total order book in moneytimes.suppport@gmail.com for a free trial.
Q2FY18 was 32%:68%.
Revenues for Q2FY18 were diversified across buildings and housing (36%), bridges (4%), industrial (13%), marine
(1%), piling (5%), power (21%), railways (2%), roads (4%) and urban infrastructure (14%). International revenues
contributed 9% to the revenues while domestic revenues contributed ~91% during the quarter.

Operating margins for the quarter were flat at 13.6% led by healthy order book mix. Going ahead, the management
expects margins to remain strong in the range of 12.8% comprising 11.8% margins on the current order book plus 1%
owing to Ind-AS adjustments. Tax write back pertaining to previous years led to lower effective tax rate during the
quarter. Gross borrowings were Rs.36 bn.
SIL expects to reduce debt by Rs.1-2 bn during FY18. The management has indicated that their focus going forward will
continue to be more on debtor improvement as well as debt reduction. If anything comes from arbitration decisions,
then the debt may go down further. SIL has total claims worth Rs.11.84 bn as of now in arbitration cases and it received
awards in its favor of Rs.4.75 bn during Q1FY18.
Technical Outlook: The SIL stock looks very good on the daily chart for medium-term investment. The stock is moving
in a trading range of Rs.440-560. The stock trades above all important DMA levels on the daily chart.
Start accumulating at this level of Rs.542.45 and on dips to Rs.512 for medium-to-long-term investment and a possible
price target of Rs.600+ in the next 12 months.
STOCK BUZZ
By Subramanian Mahadevan
IDFC Bank: Banker for ‘Millennials’

IDFC Bank (IDFCB) was demerged from IDFC Ltd in 2015 to foray into the banking business. It opened 23 branches
across India by October 2015. Today, it has over 300 branches with 8,613 Points of Presence (PoP) across 20 states that
service 1.4 million customers. Of the 8,613 PoP, 1,000 units are Micro ATMs, 74 are its own branches while 306 are from
the acquisition of Grama Vidiyal. From its 1.4 million client base, 663 are corporate customers. It added 119 new
customers during FY17.
The IDFCB stock, which hit the capital market in November 2015, paved the way for investors to unlock the value of
their investments. The Bank aims to gain pan India presence through the inorganic route. Its recent acquisition of a
micro finance institution will give access to a large customer base, which in turn will strengthen its retail banking. It
aims to become a mass retail bank in five years by leveraging a loyal customer base of 1 million and cross-selling
products and improve profitability by getting access to lower cost of funds.
The Bank reported a stable RoA of 1% during FY17, which is expected to improve on the back of the business initiatives
taken by the management such as focusing on improving CASA ratio and fee-based income. The management has strong
views on corporate banking through tie-ups.
Currently, the IDFCB stock is valued at a P/BV of 1.2x and 1.1x on FY18E and FY19E respectively, which is quite
compelling and attractive in the private banking sector. The Bank has just started its journey and bright prospects,
improving asset quality, better operational metrics, improving RoA and higher profit growth will lead to re-rating of the
stock and multiply its valuation in the years to come. Accumulate the stock for excellent double-digit returns in the next
1-2 years with limited downside.
STOCK ANALYSIS
Stock Analysis
Nagreeka Exports Ltd

By Rahul Sharma
Company Background: Incorporated in 1989, Nagreeka Exports Ltd (NEL) is the flagship company of the Nagreeka
group, promoted by Mr. I. L. Patwari and family. Led by Mr. Sushil Patwari, Chairman, NEL is engaged in the manufacture
and export of cotton yarn and other merchandise. Its principal business activities include cotton yarn spinning (77.12%
of total revenue) and fabric knitting (12.91%). The balance revenue is generated from other merchandise products. It is
engaged in the business of trading cotton yarn and various commodities and is also a merchant exporter. Its products
include cotton yarns including combed, carded, open end and compact yarns; speciality yarns such as organic yarns, slub

yarns, core spun yarns, poly viscose blends, polyester cotton blends, viscose cotton blends and organic slub yarns. It
supplies a range of fabrics in open width as well as tubular body diameter.
NEL has set up a 100% export oriented unit (EOU) with a state-of-the-art plant at Kolhapur in Maharashtra, which has a
manufacturing capacity of 55,440 spindles. It has also set up a yarn dying and cotton bleaching plant at Kagal Kolhapur.
Exports constitute over 50% of its turnover. It exports to Korea, Mauritius, Taiwan, Hong Kong, Italy, Bangladesh,
Turkey, Cyprus, Canada, Germany, Switzerland, Singapore, Malaysia, Dominican Republic, etc. It was also awarded the
International Standard Organization certificate for its export performance.
Industry Outlook: The Indian cotton textile industry will continue to grow along with the rising consumption of textile
and yarn products in India and abroad. NEL will also benefit from foreign exchange fluctuations. India’s GDP is expected
to grow at 7.2% in 2017-18 and the textile sector is one of the largest contributors to India’s exports (~11% of the total
exports). GST benefits for the textile industry will help boost the demand for the cotton textile industry. The Indian
textile and yarn industries are expected to grow rapidly over the next 4-5 years. Government initiatives like the Pradhan
Mantri Credit Scheme, providing margin money subsidy for knitwear projects, setting up new knitwear services centers
on the PPP model, etc. will boost the knitting industry thereby benefitting NEL.
Performance Review: During Q2FY18, NEL
Financials: (Rs. in mn)
reported total revenue of Rs.1160 mn with PAT of
Rs.1.4 mn as against a loss of Rs.2.6 mn in Q2FY17. Particulars Q2FY18 Q1FY18 Q2FY17 FY17 FY16
We expect the strong performance to continue going Total Income 1160 1471 1156 6161 4986
forward. FY17 PAT was low due to higher deferred EBITDA 55 62 58 230 215
tax liabilities. PAT 1.4 4.8 (2.6) 10.3 25.4
Conclusion: We had recommended this stock earlier EPS (Rs.) 0.11 0.38 -0.21 0.83 2
at Rs.43.45, where-after it made a high of Rs.55.70.
We recommend this stock once again on account of its improving fundamentals for a price target of Rs.60 in the short-
term.
STOCK SCAN
Associated Alcohol & Breweries Ltd

By Dildar Singh Makani
Incorporated in 1989, Associated Alcohol & Breweries Ltd (AABL) is one of the largest distilleries in India that
manufactures some of the highest grade liquors. It is the flagship company of the Kedia group, a Rs.500 crore liquor
conglomerate with interests in liquor and
beer manufacturing and bottling.
AABL supplies Extra Neutral Alcohol (ENA), a
vital ingredient in the making of an alcoholic
FOR WEEKLY GAINS
beverage, to many leading manufacturers
under a special agreement. In the IMFL
Fast...Focused…First
(Indian Made Foreign Liquor) segment, it has Fresh One Up Trend Weekly
an understanding with reputed companies A product designed for short-term trading singling out one stock
like Diageo (owner of brands like Smirnoff to focus upon.
Vodka and Johnnie Walker Scotch Whisky), Fresh One Up Trend Weekly (formerly Power of RS Weekly) will
Mason & Summers and Diageo-Radico. It identify the stop loss, buy price range and profit booking levels
supplies 55-60% of its production to these along with its relative strength, weekly reversal value and the start
companies. The balance is used for direct date of the trend or the turndown exit signals. This
supplies to branded suppliers across the recommendation will be followed up in the subsequent week with
the revised levels for each trading parameter.
country apart from manufacturing its own
branded products. Its in-house whisky brands Subscription: Rs.2000 per month or Rs.18000 per annum
like Red & White, James McGill and Bombay Available via email
Special are very popular in the local market For a free trial call us on 022-22616970 or email at
moneytimes.support@gmail.com
and have higher operating margins and
realisations.

AABL manufactures the following brands on a contract basis - Smirnoff Vodka, Captain Morgan Rum, HAIG Scotch
Whisky, Masterstroke Whisky, Glen Drummond Single Malt Scotch Whisky and Royal Classic Whisky. Its in-house brands
include Central Province Whiskey, Titanium Triple Distilled Vodka and Jamaican White Rum.
AABL has nearly three decades of expertise in the manufacture of fine liquors. It produces extra fine grade triple distilled
grain spirit, which is a popular feedstock for the manufacture of various domestic and international IMFL brands. It
manufactures spirits using grain as well as molasses. This allows it to shift from one source of raw material to another to
suit availability as well as price trends and also helps reduce the production cost.
Capacity: AABL’s distillery is located at Khodigram in Madhya Pradesh with capacity at 42 MLPA.
Expansion Plans: AABL has chalked out a huge greenfield expansion plan to capture the domestic and global demand
and serve all segments of alcohol ranging from country liquors to IMFL. It plans to set up a multi-pressure ENA plant, a
collector plant, a Reverse Osmosis Water Treatment Plant and a 2 MW power plant. The management has stated that the
payback period for the capex incurred will be less than three years, which is excellent by any standard.
Multi-pressure ENA plant: AABL is setting up a multi-pressure ENA plant, which will replace the old plant and enhance
its production capacity from 42 MLPA currently to 65 MLPA. Multi-pressure ENA plants cut down the stages in the
manufacturing process and thus improve process efficiency.
CO2 plant: AABL is setting up a plant to collect, pressurize and sell CO2 to industries that use it as a feedstock. This
move will directly boost its bottom-line and generate another stream of revenue.
Financials: For FY17, AABL posted revenues of Rs.296.47 crore v/s Rs.287.52 crore in FY16. EBITDA grew to Rs.42.72
crore from Rs.38.65 crore in FY16 while PAT climbed to Rs.17.38 crore v/s Rs.14.29 core in FY16. EBITDA margin
improved from 13.44% to 14.41%. Its EPS was Rs.9.6. Debt:Equity ratio fell from 0.3x to 0.16x. Finance cost fell from
Rs.5.19 crore to Rs.4.04 crore. Long-term borrowings halved to Rs.8.22 crore.
AABL has never defaulted in interest payment or repayment of loans. With an equity capital of Rs.18.08 crore and
reserves of Rs.80.20 crore, its share book value works out to Rs.54.36. If H1 earnings are added, its current share book
value works out to ~Rs.65.
During Q1FY18, AABL posted an EPS of Rs.4.09. If its earnings continue to improve, it would not be unreasonable to
expect an EPS of around Rs.20+ for FY18. This figure does not take into consideration the benefits of the on-going
expansion. Its improving top-line and bottom-line indicate that the company is at an inflexion point.
Bonus: AABL issued a 1:1 bonus in FY16.
Shareholding Pattern: The promoters hold 58.45% of the equity capital and none of its holding is pledged. Banks
and Institutions hold 0.7% stake, Bodies Corporate hold 19.43% and NRIs hold 0.96%, which leaves just 20.46% as the
floating stock.
Market potential rediscovered: Lifestyle transformation is possibly emerging as one of the biggest opportunities in
India and the spirits industry is at the apex of this transformation. India represents one of the most compelling large
spirit markets in the world and the country’s per capita alcohol consumption is a fraction of the global average.
However, per capita income grew significantly in the last one year. With the improvement in the Indian economy and
increase in surplus liquidity, especially in the hands of the rural population, the demand for the entire industry looks
promising.
Huge Land Bank: AABL has a huge land bank of about 135 acres, which is sufficient to meet all its expansion plans. This
land bank was acquired three decades back.
Long-term growth plans: AABL is enhancing its distillery capacity from 3 crore litres p.a. to 7 crore litres p.a. in the
coming years. This Rs.80 crore expansion will consume 10 acre land and is expected to be fully on stream in FY21. The
capex will double its ENA capacity with a 50% rise in asset investment and thereby strengthen its overall
competitiveness.
Post expansion, AABL intends to consume 60% of its ENA production to manufacture country liquor (captive value-
addition), 20% to manufacture IMFL and the balance in merchant sales to a large customer. In view of this proposed
material allocation, its incremental production is virtually pre-sold.
Post Expansion Power Play: Post expansion, AABL expects to emerge as one of the largest ENA manufacturers in India
with one of the lowest manufacturing costs and an effective volume-value play, which will accelerate its competitiveness
and profitability.
Conclusion: There is no ambiguity that the company’s intrinsic worth is far more than what meets the eye. AABL as
well as the industry have a bright future outlook.

Currently, the stock trades at a P/E of ~19.62x as against the industry average of ~129.26x. Thus, the stock is available
at a huge discount compared to its peers. One can safely assume that the stock will sooner or later cross the magical
figure of Rs.500. On FY18E EPS, the stock is available at a throwaway P/E of 10.41x.
MOODY’S CHANGES THE MOOD

By Laxmikant Bhole
I have maintained my bullish stance on the Indian equity markets for a while now on the back of solid structural reforms
carried out by the Government of India (GoI), which was also engraved by leading rating agency Moody’s last week.
Extreme pessimism displayed by many critics has now turned positive after Moody’s endorsed (GoI’s) efforts and
upgraded India’s sovereign rating from Baa3 to Baa2 after 13 long years on the back of improved growth prospects
driven by economic and institutional reforms. With this upgrade, India has now advanced a step in the investment
destination journey and shortened its distance with China. Moody’s upgrade is really a vindication of the efforts being
undertaken by Team Modi and has given a tight slap to its critics once again and another economic victory to the Modi
government. The earlier rating of Baa3 was just above the junk rating and this upgrade has put India in a strong position
in the world market and within the investor community, especially at a time when China was downgraded by Standard &
Poor’s (S&P) recently. This puts India in line with Philippines, Italy, Spain and Bulgaria, Philippines is the only other
Baa2 rated country in Asia. India is ahead of other BRICS countries except China where the difference is now of 3
notches. Further, Moody’s has changed its outlook on the country to stable from positive. India’s short-term local
currency rating has also been changed to P-2 from P-3. It was Vajpayee’s government in power last time when Moody’s
upgraded India to Baa3 from the junk status earlier in 2004.
Moody’s has thus given a thumbs-up to a slew of reforms from demonetisation, Aadhar-UID, GST and PSU bank
recapitalisation. The firm mentioned that the implementation of GST will boost productivity by removing barriers to
interstate trade. It also credited the government’s efforts with the Aadhaar system of biometric accounts and targeted
delivery of benefits through the Direct Benefit Transfer (DBT) system, which will lead to reduction of leakages in the
system. It believes that the reforms implemented to date will advance the government's objective of improving the
business climate, enhancing productivity, stimulate foreign and domestic investment and ultimately foster strong and
sustainable growth. The reform programme will thus complement the existing shock-absorbance capacity provided by
India's strong growth potential and improving global competitiveness. Moody's also believes that the recent reforms
impart great confidence and the high level of public indebtedness, which is India's principal credit weakness, will remain
stable even in the event of shocks and will ultimately decline. General government debt stood at 68% of the country’s
GDP in 2016, significantly higher than the Baa median of 44%.
There are many benefits to be seen on the back of this upgrade - Rating Meaning
1) it will lead to better fund flows to India. The international
Symbol
investor community works on perception and this upgrade will
Aaa Highest quality, lowest credit risk
boost the sentiment of the international investor community in a
big way. Many global pension funds, which could earlier not Aa High quality, low credit risk
invest in India due to their investment mandate, will now invest A Upper medium grade, low credit risk
in the Indian markets. 2) It will reduce the cost of capital for the Baa Medium grade, moderate credit risk,
GoI and many private sector corporates who are leveraged and speculative characteristics
have overseas borrowing. This will help them borrow at much Ba Speculative, substantial credit risk
lower rates now and thus reduce the cost of borrowing. 3) On the B Speculative, high credit risk
domestic front, it will boost the government’s reform efforts Caa Poor standing, very high credit risk
further. Improved ‘ease of doing business’ ranking coupled with Ca Very near default, with some prospect of
this rating upgrade will not only boost the business sentiment recovery of principle and interest
significantly but will also help the government to push more C Typically in default, with little prospect of
transformational reforms. This will improve India’s image recovery of principal and interest
globally and improve the sentiment related to ‘ease of doing
business’ significantly. 4) Lastly, it will boost the investor sentiment in the equity market as significant FII flows are
expected in the markets in the long run, which will further boost the liquidity.
Going forward, I see a transformational bull run in the market in coming years and equity markets will certainly prove to
be the next ‘Gold’ for investors in the long run.
As I have re-iterated in past articles, the Indian economy is at an inflection point. Buoyed by improved macroeconomic
data and international ratings for India, the markets are expected to maintain an upward trajectory. Even though short-

term profit-booking could drag the markets intermittently, a structural bull run is here to stay for long. While these are
reasons to celebrate, Moody’s has put out a caveat that it will watch out for any deterioration of the fiscal situation or
banking system going forward. This makes the government’s job tougher and any downgrade from hereon will not go
down well with the investor community. But for now, let’s enjoy the positive news. Kudos to Modinomics!
MARKET REVIEW
Equity market to maintain uptrend

By Devendra A Singh
The Sensex gained 336.44 points to settle at 33679.24 while the Nifty closed at 10389.70 rising 106.10 points for the
week ending Friday, 24 November 2017.
On the macro-economic front, Wholesale Price Inflation (WPI) accelerated to 3.59% in October 2017, a six-month high
driven by higher food prices. Food inflation quickened to 3.23% in October 2017 from 1.99% in September 2017. Among
the food items, vegetables prices were up 36.61% YoY. Consumer inflation in October 2017 rose to 3.58% from a year
earlier. Retail inflation rose to a seven-month high in October 2017, driven by a faster rise in the prices of food and fuel
products thereby dampening chances of an interest rate cut by the RBI next month.
Moody's has upgraded India's sovereign credit rating by a notch to Baa2 with a stable outlook citing improved growth
prospects driven by economic and institutional reforms. The decision to upgrade the ratings is underpinned by Moody's
expectation that continued progress on economic and institutional reforms will over time enhance India's high growth
potential and its large and stable financing base for government debt and will likely contribute to a gradual decline in
the general government debt burden over the medium term. Moody's expects GDP growth to moderate to 6.7% in FY18.
However, real GDP growth will rise to 7.5% next fiscal with similarly robust levels of growth from FY19 onward.
In the 14th annual summit between India and
the European Union (EU), the EU has praised
India's GST regime stating that it would facilitate
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India-EU Joint Statement issued during the sound and technically strong stocks that can yield handsome
Summit stated that the EU closely follows PM returns against their peers in the short-to-medium-term.
Modi's economic reforms including the historic Most of our recommendations have fetched excellent returns to
introduction of the GST, which can facilitate ease our subscribers. Of the 156 stocks recommended between 11
of doing business and promote market January 2016 and 2 January 2017 (52 weeks), we booked profit
integration in India by realising a simple, in 125 stocks, 27 triggered the stop loss while 4 are still open
efficient and nation-wide indirect tax system. and are in nominal red.
The statement further said that the EU Of the 126 stocks recommended between 9 January 2017 and 23
encouraged the greater participation of Indian October 2017 (42 weeks), we booked 7-37% profit in 94 stocks,
business organisations into the Enterprise 20 triggered the stop loss of 2-12% while 12 are still open.
Europe Network.
If you want to earn like this,
On China’s macro-economic front, its trade
subscribe to TECHNO FUNDA PLUS today!
surplus widened in October compared to the
previous month. Overall trade surplus climbed to For more details, contact Money Times on
$38.2 bn from September's $28.5 bn. Exports 022-22616970/22654805 or moneytimes.support@gmail.com.
rose 6.1% in October 2017 from a year earlier
Subscription Rate: 1 month: Rs.2500; 3 months: Rs.6000;
compared to an 8.1% rise in September. Imports 6 months: Rs.11000; 1 year: Rs.18000.
expanded 17.2% compared to a gain of 18.7% in
September.
Key index edged up on Monday, 20 November 2017. The Sensex was up 17.10 points (+0.05%) to close at 33359.90.
Key index surged on Tuesday, 21 November 2017, on positive cues. The Sensex advanced 118.45 points (+0.36%) to end
at 33478.35.

Key index gained on Wednesday, 22 November 2017, on buying by foreign funds. The Sensex was up 83.20 points
(+0.25%) to settle at 33561.55.
Key index ended higher on Thursday, 23 November 2017, on marginal buying. The Sensex was up 26.53 points (+0.08%)
to close at 33588.08.
Key index settled higher on Friday, 24 November 2017, on extended buying. The Sensex was up 91.16 points (+0.27%)
to settle at 33679.24.
Events like national and global macro-economic figures as well as the earnings season will dictate the movement of the
markets and influence investor sentiment in the near future. The November 2017 derivatives contract will expire on
Thursday, 30 November 2017.
On the inflation data, the government is scheduled to release data based on WPI and CPI for urban and rural India for
November 2017 by mid-December 2017.
The HSBC Manufacturing Purchasing Managers’ Index (PMI) and HSBC Services PMI for November 2017 is scheduled for
release in the first week of December 2017.
The RBI is set to hold a credit policy review meet on Wednesday, 6 December 2017.
The Chinese government is scheduled to release the macro-economic figures for November 2017 in the first week of
December 2017.
United States macro data for November 2017 is scheduled for release in first week of December 2017.
MARKET OUTLOOK
Bulls want Nifty to cross 10450

By Rohan Nalavade
Last week, the Nifty moved in a tight range of 10300-10400. It needs to cross the 10450 mark on a closing basis to gain
strong momentum and also protect 10300 on a closing basis. Below 10300, selling pressure will be witnessed.
This week is the F&O expiry of the November series on Thursday, 30 November 2017. If the Nifty closes above 10343,
which was the close of the October F&O series, then it can be taken as a positive signal for an upside.
Crude oil prices are on the rise and hence, petrol and diesel prices will also rise leading to higher inflation. Hence, the
RBI may not cut interest rates further and the banking sector will start reacting from this week. In fact, PSU banks have
started showing weakness. The metal sector is also showing weakness along with the oil & gas sector.
The Gujarat election exit poll will start in the first week of December. It is important for the BJP to win a full majority for
the uptrend to continue. If the BJP faces a tough fight from the Congress, the market could react negatively.
 Nifty Spot is a ‘sell’ below 10380 for downside levels of 10350-10300 (SL: 10410)
 Nifty Spot is a ‘buy’ above 10400 for upside levels of 10440-10460 (SL: 10378)
 Hindalco Industries looks weak below Rs.256 for downside levels of Rs.250-248-242 (SL: Rs.260)
 ICICI Bank looks weak below Rs.315 for downside levels of Rs.310-305-300 (SL: Rs.325)
 Reliance Industries looks weak below Rs.946 for downside levels of Rs.935-930 (SL: Rs.961)
 ITC looks good above Rs.260 for upside levels of Rs.265-270 (SL: Rs.255)
EXPERT EYE
By Vihari
Wabco India Ltd: For healthy gains

Wabco India Ltd (WIL), formerly WABCO-TVS India, connects with global OEMs (original equipment manufacturers)
through five manufacturing sites located in Ambattur, Jamshedpur, Mahindra World City (Chennai), Pantnagar and
Lucknow. It was incorporated in November 2004 as Auto (India) Engineering Ltd as a wholly-owned subsidiary of
Sundaram Clayton Ltd. In April 2007, its name was changed to WABCO-TVS India Ltd. In 2011, it changed its name to
Wabco India Ltd.

During FY08, WIL commenced operations in its new manufacturing facility in a Special Economic Zone (SEZ) at
'Mahindra World City' near Chennai. It also entered into a scheme with Sundaram Clayton by which it took over the
Brakes business of the latter with effect from January 2007.
In June 2009, WABCO Holdings Inc, USA, a global technology leader and tier-I supplier to the CV (commercial vehicles)
industry, raised its ownership position to 75% through its indirectly owned subsidiary Clayton Dewandre Holdings Ltd,
Rotterdam, which acquired 67,95,684 equity shares of the Indian promoters i.e. the TVS group, constituting 35.83% of
the paid up capital of the company. WIL thus became a subsidiary of Clayton Dewandre Holdings Ltd. In February 2010,
it entered into an agreement with Mahindra Navistar Automotives Ltd for the development and long-term supply of air
compressor technology products for braking systems and clutch servo technology with series production starting in
2010.
Last year, WIL inaugurated MID-CAP TWINS
its new manufacturing
A Performance Review
facility at Pantnagar,
Have a look at the grand success story of ‘Mid-Cap Twins’ launched on 1st August 2016
Uttarakhand. It also
inaugurated another plant at Sr. Scrip Name Recomm. Recomm. Highest % Gain
the SEZ, Mahindra World City No. Date Price (Rs.) since (Rs.)
in Chennai. From 1 Mafatlal Industries 01-08-16 332.85 374.40 12
headquarters in Brussels 2 The Great Eastern Shipping Co. 01-08-16 335.35 477 42
with executive offices in 3 India Cements 01-09-16 149.85 226 51
Rochester Hills, USA, WIL 4 Tata Global Beverages 01-09-16
provides global strategy and
140.10 203 45
direction to offices and 5 Ajmera Realty & Infra India 01-10-16 137.00 252.20 84
production facilities 6 Transpek Industry 01-10-16 447.00 1269 184
worldwide. It incurred capex 7 Greaves Cotton 01-11-16 138.55 178 28
of Rs.90 crore in FY16 and 8 APM Industries 01-11-16 67.10 76.85 15
Rs.73.9 crore in FY17. It has
planned capex of Rs.90 crore 9 OCL India 01-12-16 809.45 1319.40 63
for FY18. 10 Prism Cement 01-12-16 93.25 129.80 39
In 2015, WIL set up a new 11 Mahindra CIE Automotive 01-01-17 182.50 260.35 43
facility in Chennai to expand 12 Swan Energy 01-01-17 154.10 203.45 32
the capability for software 13 Hindalco Industries 01-02-17 191.55 244.80 28
engineering. In India,
14 Century Textiles & Industries 01-02-17 856.50 1291.50 51
software engineers also
support local design of new 15 McLeod Russel India 01-03-17 171.75 196.25 14
products, applications and 16 Sonata Software 01-03-17 191.00 195 2
systems to meet the technical 17 ACC 01-04-17 1446.15 1842 27
and economic needs of 18 Walchandnagar Industries 01-04-17
customers in emerging
142.25 191.80 35
markets around the world. 19 Oriental Veneer Products 01-05-17 222.30 401 80
WIL’s headquarters are 20 Tata Steel 01-05-17 448.85 640 43
based in the southeast of Thus ‘Mid-Cap Twins’ has delivered excellent results since its launch within 10 months with
Brussels, close to the majority of stocks gaining over 30%.
Brussels airport and with Next edition of ‘Mid-Cap Twins’ will be released on 1st December 2017.
quick access to international
rail and highway systems. Attractively priced at Rs.2000 per month, Rs.11000 half yearly and Rs.20,000 annually,
With five world-class ‘Mid-cap Twins’ will be available both as print edition or online delivery.
manufacturing facilities,
software design centre and a test track in India, WIL excels in engineering and manufacturing.
WIL is a leading provider for air brake actuation systems for CVs. It supplies original equipment fitments for vehicles
and trailer manufacturers. It has pioneered the manufacture of air-assisted and air brake systems for CVs in India. Its
products include air compressors, actuation systems, control valves, anti-lock brake systems and electronic brake
systems. Its customers include Ashok Leyland, Tata Motors, Vehicle Factory (Jabalpur), Bharat Earthmovers, Tafe, Volvo,
Sutlej, Caterpillar, Eicher Motors, Swaraj Mazda, Force Motors, Mahindra & Mahindra, Tata Cummins (Engines), etc.

In India, WIL sustained its clear market leadership. All local CV makers rely on its test track in Chennai to homologate
advanced braking systems (ABS) for heavy trucks and buses to comply with national regulations effective October 2015.
In India, 8 out of 10 heavy trucks and buses above 5 tonnes that are fitted with ABS are equipped with WIL’s systems.
To support its growth in India and globally, WIL opened a new facility in Chennai where 250 software engineers
contribute to the development of its advanced technologies. With more than 7,000 WIL outlets nationally, it provides
fleet customers with broad access to full product and services support. This outstanding connectivity with vehicle
operators differentiates it in India.
India remains a long-term growth market for WIL due to the expected volume of truck and bus production and the
increasing adoption of vehicle safety and efficiency technologies. The parent participates in this market through its
subsidiary WIL, which has a 52-year track record of local market leadership in conventional braking products, ABS, air-
assisted products and automated manual transmission systems.
For FY17, WIL’s net profit rose 4% to Rs.213.5 crore on 13% higher sales of Rs.1960 crore fetching an EPS of Rs.112.6.
During Q2FY18, net profit soared 64% to Rs.77.6 on 22% higher sales of Rs.578 crore fetching an EPS of Rs.40.9. During
H1FY18, net profit rose 8% to Rs.132 crore on 3% higher sales of Rs.1074 crore fetching an EPS of Rs.69.5. A dividend of
140% was paid. Exports during the year were Rs.580 crore (30% of sales).
With an equity capital of Rs.9.5 crore and reserves of Rs.1257 crore, WIL’s share book value works out to Rs.666 thus
making it a strong bonus candidate. This zero-debt MNC has cash of Rs.267 crore and loans, advances given of Rs.74
crore. Its investments in quoted securities (units) are Rs.298 crore and the value of its gross block is Rs.497 crore. The
promoter i.e. Wabco Inc holds 75% of the equity capital, DIs hold 9.1%, FIs hold 2.6% and PCBs hold 3.5%, which leaves
9.7% stake with the investing public.
At $38 bn, India’s auto components industry is a mere 5% of the $800 bn global market. Global automobile companies
such as Volvo, Volkswagen, General Motors, Bosch and Magna have started investing in India seeing to India’s potential
as an emerging manufacturing hub. According to Automotive Component Manufactures Association (ACMA), the Indian
auto component industry’s turnover is projected to touch $115 bn by 2020-21. The industry is estimated to grow at 14%
CAGR during 2013-21. Moreover, the industry’s exports are projected to touch $80 bn by FY26 from the current $11 bn.
Based on the current going, WIL is expected to post an EPS of Rs.145 in FY18 and Rs.175 in FY19. At the CMP of
Rs.6899.60, the stock trades at a forward P/E of 47.58x on FY18E and 39.42x on FY19E earnings. The stock has the
potential to touch Rs.8500. Its 52-week high/low is Rs.7237/4784.
TECHNO FUNDA
By Nayan Patel
REVIEW
Triton Valves Ltd  Precision Wires India recommended at Rs.139.20 on
(BSE Code: 505978) (CMP: Rs.1797.65) (FV: Rs.10) 17 August 2015, zoomed to Rs.241.05 (ex-split of
10:5) last week appreciating 247% in 27 months.
Incorporated in 1975, Bengaluru-based Triton Valves Ltd
(TVL) designs, manufactures and sells automotive tyre tube  ITL Industries recommended at Rs.45.50 on 14
March 2016, zoomed to Rs.228.90 last week
valves, valve cores and accessories. It offers valves for appreciating 403% in 20 months.
bicycles, mopeds, motor cycles, scooters, cars and vans, trucks
and buses, tractors, industrial vehicles, aircrafts, curing bags,  P G Foils recommended at Rs.123.60 on 26 June
2017 and once again at Rs.149.50 on 9 October 2017,
and OTRs (off the road); cores such as standard and large zoomed to Rs.198.9 last week appreciating 61% in 5
bores; and accessories comprising valve caps, bridge and ring months.
washers, rubber washers, rubber bases and bushes as well as
 Mold-Tek Technologies recommended at Rs.51.75
rim, hex and lock nuts. It also provides adapters and plugs on 25 September 2017, zoomed to Rs.80 last week
including water filling adapters, envelope adapters and appreciating 54% in 2 months.
tubeless rim hole plugs; and service tools including valve core
 Akar Auto Industries recommended at Rs.102.70 on
tighteners for standard bore double-ended type core 2 October 2017, zoomed to Rs.165.45 last week
tighteners, tubeless snap-in valve pullers for passenger cars appreciating 61% in 1.5 months.
and motor cycles and tyre tread depth gauges. In addition, it
offers AC products such as automotive A/C products and HVAC & R products. It supplies its products to tyre and tube
manufacturers and clients from the automobile industry. It also exports.

TVL has an equity capital of Rs.0.99 crore supported by reserves of Rs.64.4 crore (almost 65x times its equity). The
promoters hold 50.49% of the equity capital, which leaves 49.51% stake with the investing public. SBI Long-Term
Advantage Fund holds 1.01% stake in the company.
For Q2FY18, TVL posted 13% higher PAT of Rs.2.96 Financial Performance: (Rs. in crore)
crore on 23% higher sales of Rs.58.82 crore fetching an Particulars Q2FY18 Q2FY17 H1FY18 H1FY17 FY17
EPS of Rs.30.21. PAT was up 128% on quarterly basis. Sales 58.82 47.68 106.12 95.96 186.88
During H1FY18, PAT declined marginally to Rs.4.26 PBT 4.46 4.55 6.41 7.09 10.32
crore on higher sales of Rs.106.12 crore fetching an EPS Tax 1.50 1.92 2.15 2.68 2.04
of Rs.43.35. It paid 150% dividend for FY17. PAT 2.96 2.63 4.26 4.42 8.28
Currently, the stock trades at a P/E of 21.89x. Based on EPS (Rs.) 30.21 26.55 43.35 44.61 83.68
its financial parameters, the TVL stock looks quite
attractive at the current level. Investors can buy this stock with a stop loss of Rs.1510. On the upper side, it could zoom
to Rs.2250 in the short-to-medium-term and further to Rs.2600 in the long-term.
*******
CMI Ltd
Incorporated in 1967, New Delhi-based CMI Ltd manufactures, sells and exports various cables in India, North America,
Latin America, Europe, China and the Asia Pacific. It offers various types of cables such as extra high voltage (EHV)
power, medium and high voltage power, low voltage power, control, instrumentation, aerial bunched, thermocouple, fire
alarm, welding, flexible, composite, railway signaling and power, balise, counter quad, axle counter, fire survival/fire
resistant, low-smoke zero halogen, PCM, PIJF telecom, jelly filled telecom, field bus, profibus, telephone, mining, nuclear,
solar DC, wind turbine, submersible, antitheft, shipboard, naval ship, braided, and air field lighting cables; speciality
cables for smart cities; and shielded thermocouple extension, compensating polythylene insulated jelly, PVC switch
board, control screened FRLS and data transmission cables; and onshore/offshore fire oil, gas and petrochemical cables.
It also provides bare overhead conductors; hard drawn copper contact, catenary, industrial/flexible and house wires;
copper wires and flexibles; and fire resistant wires and flexibles. Its products are used by various industries including
railways, oil & gas, telecommunications, energy, industrial, power, petrochemicals, etc.
CMI has an equity capital of just Rs.14.78 crore supported by huge reserves of Rs.189.8 crore, almost 13x its equity. The
promoters hold 43.55% of the equity capital, which leaves 56.45% stake with the investing public. GMO Emerging Fund
holds 9.79% stake, Pulkit Sekhsaria holds 1.03% stake and Prashant Kothari holds 1.51% stake in the company.
In Q2FY18, CMI’s net profit zoomed 103% to Rs.6.14 Financial Performance (Consolidated): (Rs. in crore)
crore on 46% higher sales of Rs.134.32 crore fetching an Particulars Q2FY18 Q2FY17 H1FY18 H1FY17 FY17
EPS of Rs.4.07. During H1FY18, net profit zoomed 167%
Sales 134.32 91.88 265.85 168.91 377.87
to Rs.12.18 crore on 57% higher sales of Rs.265.85 crore
PBT 9.49 4.63 18.60 7.09 22.66
fetching an EPS of Rs.8.1.
Tax 3.35 1.60 6.42 2.54 -7.41
Currently, the stock trades at a P/E of just 9.1x, which is
PAT 6.14 3.03 12.18 4.56 30.07
the cheapest amongst its peers. Based on its financial
EPS (in Rs.) 4.07 2.11 8.10 3.19 20.61
parameters, the CMI stock looks quite attractive at the
current level. Investors can buy this stock with a stop loss of Rs.190. On the upper side, it could zoom to Rs.240-245 in
the short-to-medium-term and further to Rs.300 in the long-term. The stock’s all-time high is Rs.424.
BULL’S EYE
Firstsource Solutions Ltd: REVIEW
Attractive buy  Super Crop Safe recommended at Rs.152.65 on 13 November

2017, zoomed to Rs.180 last week appreciating 18% in just 2 weeks.
(BSE Code: 532809) (CMP: Rs.42.60) (FV:  IOL Chemicals & Pharmaceuticals recommended at Rs.63.40 on
Rs.10) 30 October 2017 and once again at Rs.67 on 20 November 2017,
By Pratit Nayan Patel zoomed to Rs.80.20 last week appreciating 26% within a month.
Company Background: Firstsource Solutions  Puravankara recommended at Rs.79 on 18 September 2017,
Ltd (FSL) is a leading Business Process zoomed to Rs.152.40 last week appreciating 93% in over 2 months.

Management (BPM) company that provides customer-centric business process services. It is owned by the Rs.16000
crore RP-Sanjiv Goenka group. The group owns around 55% stake in FSL through a subsidiary. FSL offers services in the
Healthcare; Telecommunications & Media; and Banking, Financial Services & Insurance (BFSI) industries. It works with
Fortune 500 and FTSE 100 companies in USA, UK, Philippines, India and Sri Lanka.
Over the last decade, FSL has developed Intellectual Property (IP), adopted industry standard technology and invested
in continuous improvement in quality of services for precise delivery of solutions. On a consolidated basis, it has 48
global operation centers as at 31 March 2017. 20 of its operation centres are located across 13 cities in India, 18 in USA,
8 in UK and 2 in Philippines. It has 15 subsidiaries, of which 1 is domestic while 14 are international.
Financials: With an equity capital of Rs.682.24 crore and reserves of Rs.1346.70 crore, FSL’s share book value works
out to Rs.29.76 as at 31 March 2017. The promoters hold 54.89% of the equity capital, Mutual Funds hold 1.15%, FPIs
hold 6.70%, old promoter ICICI Bank holds 4.71% and ace investor Rakesh Jhunjhunwala holds 2.71%, which leaves
29.65% stake with the investing public.
Performance Review: For Q2FY18, FSL posted PAT of Rs.68.75 crore on sales of Rs.846.38 crore fetching an EPS of
Rs.1.01. For H1FY18, it posted PAT of Rs.134.16 crore on sales of Rs.1697.04 crore fetching an EPS of Rs.1.97.
Industry Overview: After a few years of stagnation, the global IT industry saw a modest growth recovery of ~4% in
2016. The worldwide IT spending is projected to be 2.7% higher at $3.5 tn in 2017 compared to 2016. New age
technologies would be the key driver of the global IT-BPM industry, where the addressable market is likely to expand to
~$4 tn by 2025 at 3.6% CAGR. The industry’s mix between traditional and digital is expected to change significantly over
the next decade. The Indian IT-BPM industry is experiencing the impact of the global economic downturn as well as the
political developments around the world. According to NASSCOM’s strategic review 2017, Indian IT services and BPM
industry’s sectorial revenue is expected to reach $200-225 bn in 2020 and $350 bn by 2025. IT-BPM exports play a key
role in India’s economy. Its share in India’s total service export is over 49% and it accounts for 32% of India’s forex
reserves.
Conclusion: The Performance Review (Consolidated): (Rs. in crore)
management
expects FY18 Particulars Q2FY18 Q1FY18 Q2FY17 H1FY18 H1FY17 FY17 FY16
sales growth of Net Sales 846.38 850.67 857.21 1697.04 1732.46 3456.91 3174.69
FSL to be in line Employees Cost 594.15 594.15 594.99 1188.30 1176.70 2383.44 2172.17
with the industry
growth on the Depreciation 16.23 15.29 16.05 31.52 32.35 58.96 66.20
back of a healthy Other Expenses 169.15 182.98 176.79 352.13 369.38 734.18 653.30
deal pipeline and P/L Before Other Inc., 93.44 85.33 96.53 178.77 199.47 379.03 338.62
strong traction in Int., Excpt. Items & Tax
the Healthcare
and Mortgage Other Income 0.42 4.95 0.39 5.37 2.25 3.21 9.44
businesses in USA P/L Before Int., Excpt. 93.86 90.28 96.92 184.14 201.72 382.23 348.06
and BFSI in UK. Items & Tax
The size of the Interest 10.20 10.93 10.86 21.12 24.02 45.32 52.44
deals, too, has
risen in this P/L Before Tax 83.67 79.35 86.06 163.02 177.70 336.92 295.62
quarter. Further, Tax 14.91 13.95 14.86 28.86 33.13 57.68 30.22
the management Net Profit 68.76 65.40 71.26 134.16 144.62 279.24 264.97
is confident of
margin expansion EPS (in Rs.) 1.01 0.96 1.05 1.97 2.14 4.14 3.96
on CC (constant
currency) basis as the losses reported by ISGN, a loss-making subsidiary of FSL, are expected to reduce in future. A
profitable recovery will be seen from Q3FY18 due to an uptick in the mortgage business, traction in the healthcare
business and exit from a portion of the domestic business, which is expected to close down within this month. FSL’s net
long-term debt stands at $64.3 mn in Q2FY18. Debt repayment continues as per plan and the management has guided
for a debt-free company by FY19.
At the CMP of Rs.42.60, the FSL stock trades at P/E of 10.81x. Based on its financial parameters, the stock looks quite
attractive at the current level. Investors can accumulate the stock on dips between Rs.44-41 with a stop loss of Rs.36 for
a price target of Rs.75 in the next 12-15 months. The stock’s 52-week high/low is Rs.49.3/30.4.

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